I raise the issue of debt forgiveness. The comments yesterday of the former Minister, Ray MacSharry, at a committee of the Houses was nothing short of shocking. He stated that in Permanent TSB there would be no debt forgiveness after the three year period of bankruptcy. This was an outrageous statement. It is hard to understand how he could not understand the legislation, being a former Minister for Finance, but one must wonder if he does understand it and its intent. I call on the Minister for Justice and Equality to come to the House in the new year to discuss this problem. I do not know whether other institutions will buy into this thinking, as there is some disagreement. However, we need to debate the issue in full. If the legislation we have worked through in recent months needs to be further bolstered, this should be done at the earliest possible opportunity.

I wish to be associated with the words of thanks expressed by the Leader and previous speakers to all staff at all levels in Leinster House. I say the same to the Leader, the Cathaoirleach, the Leas-Chathaoirleach, all those who sit in the Chair from time to time, the group leaders, the Whips and all other Senators for their contributions in the course of the year. No doubt next year will be as tough as this one, but it will provide opportunities for us to make a real difference and have an impact, as I am sure we will.

I draw to the attention of the Leader something that came into the public domain yesterday, namely, the withdrawal of contracts for newly qualified nurses from the 2012 group. A memo was issued to all directors of nursing stating anybody among the 2012 group of newly qualified nurses would have his or her contract withdrawn; essentially, he or she will be made unemployed and then re-employed in February at reduced rates. The unions involved, including the IMNO, are scathing about this move because, once again, it is young nurses who are being targeted and will be affected. Many of them have said they will leave the country because they will not be able to survive on these wage levels, given that they have gone through college, being trained and do a very difficult job which they are being asked to do on a salary of €22,000 when their colleagues who were employed in 2010 and 2011 will be on higher salaries. In many debates comparisons are made with the position in the United Kingdom and other countries. In the United Kingdom newly qualified nurses earn £27,000, or €33,146. This is, therefore, a very real problem. The INMO and other unions are organising a press conference today on the matter. It is serious and one we need to examine. Will the Leader say what exactly has happened in this regard? Is this Government policy and what action will the Government take?

Like other speakers, I wish everybody in the Seanad and those in the Oireachtas Library a very happy Christmas. When I was listening to the radio on my way here this morning, I heard the Minister for Justice and Equality, Deputy Alan Shatter, being interviewed on "Today with Pat Kenny". I concur with Senator Aideen Hayden who complimented the Minister on the personal insolvency legislation and noted what it would do for everybody who found himself or herself insolvent as a mortgage holder or a business person. The Bill will be a great asset and I compliment the Minister on bringing it through the Houses.

The issue I wish to raise was raised also by Senator Catherine Noone, namely, the comments of Mr. MacSharry who attended the finance committee yesterday. The Minister stated he was amazed and shocked by Mr. MacSharry's contribution to the effect that the banks would engage - whatever that may mean - and negotiate but in the spirit of the Bill as written, rather than by acting to write down mortgages. Public interest directors are on the boards of banks to represent the public interest. What are their duties? Where are they written down? They should be taken in and schooled if they do not know them. Obviously, Mr. MacSharry does not know what the public interest means and is working in the interests of the bank.